07/06/2011

How Canadian Law Firms Did Better Than Their U.S. Counterparts in the Recession

Unlike large firms south of the border, Canadian firms do not put all their eggs into one basket, says Sean Weir, national managing partner of Borde n Ladner Gervais (BLG) LLP. He explains that mortgage-backed securities comprised a huge market for deals in the U.S. and “stopped dead overnight” following the collapse of Lehman Brothers Holdings Inc. in 2008.

Large sections of major U.S. firms that were highly specialized in what was once a very profitable area went from being “fully occupied to having zero work,” leaving many — if not all — of the lawyers without jobs.

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Unlike large firms south of the border, Canadian firms do not put all their eggs into one basket, says Sean Weir, national managing partner of Borde n Ladner Gervais (BLG) LLP. He explains that mortgage-backed securities comprised a huge market for deals in the U.S. and “stopped dead overnight” following the collapse of Lehman Brothers Holdings Inc. in 2008.

Large sections of major U.S. firms that were highly specialized in what was once a very profitable area went from being “fully occupied to having zero work,” leaving many — if not all — of the lawyers without jobs.